Discover your rate options online in less than five minutes.
Multiple repayment options available.
0.25% employment discount available after graduation.
No application or origination fees or prepayment penalties.
Our secure process makes it quick and easy for you to validate eligibility, view rates, explore loan options, complete your application and ultimately fund your graduate education.
You are not required to make payments while in school or throughout your grace period.
You’ll pay a flat $50 a month while in school and throughout your grace period.
You'll pay only monthly interest while in school and throughout your grace period.
You’ll start making full payments right away.
Laurel Road is no longer accepting applications for the 2019-2020 academic year at this time and has not yet begun accepting applications for the 2020-2021 academic year. If interested in applying for a graduate school loan for the 2020-2021 academic year, please check back soon when our application is available.
While in some instances Laurel Road may provide more competitive rates and flexible terms and repayment options, it does not offer Income-Based Repayment and Loan Forgiveness options that may be available through federal Loans. Be sure to explore all options available to you including grants, scholarships, and federal loans. For more information about federal student loan options visit StudentLoans.gov.
It’s pretty simple – the entire application is completed online. You will generally receive rates shortly after you complete your application.
Fill out a short application with basic information about you, your loan, education, and cosigner if relevant. After you authorize a hard credit inquiry and have provided any supporting information requested, we will request cost of attendance information from your school, review your application, and we will provide you with a decision.
If you are conditionally approved, you will be able to select your loan type and term, and accept and e-sign all necessary disclosures and your promissory note in the Laurel Road dashboard.
The timing of your first payment to Laurel Road is dependent on the loan type you choose.
For loan applications received before July 25, 2019: You can contact CampusDoor (email@example.com) with questions about your application, approval, or the disbursement of your funds. If the funds are disbursed, you should contact our loan servicing partner, MOHELA, by calling (877) 292-6845 (TTY: Dial 711) Monday through Thursday 7:00 a.m. to 9:00 p.m. CT or Friday 7:00 a.m. to 5:00 p.m. CT.
For loan applications received after July 25, 2019: You can contact Laurel Road (firstname.lastname@example.org) with questions about your application, approval, or the disbursement of your funds. If the funds are disbursed, you should contact our loan servicing partner, MOHELA, by calling (877) 292-6845 (TTY: Dial 711) Monday through Thursday 7:00 a.m. to 9:00 p.m. CT or Friday 7:00 a.m. to 5:00 p.m. CT.
This is not a federal student loan. The terms of this product may differ from terms available with a federal student loan. For example, this product does not contain special features such as income-based repayment plans. Also deferment, forbearance options, and loan forgiveness options may differ from those available for federal student loans, and privately-funded student loans are not eligible to be included in a Federal Direct Consolidation Loan. For more information about Federal student loan programs, please visit https://studentloans.gov.
|Fixed Rate In-School Loan Repayment Example|
|Term||Full Deferral||$50 Minimum Payment||Interest Only||Full Repayment|
|Monthly Installment Payment||5||$198.16||$217.76||$186.05||$204.85||$187.82||$201.24||$187.34||$200.84|
|Variable Rate In-School Loan Repayment Example|
|Term||Full Deferral||$50 Minimum Payment||Interest Only||Full Repayment|
|Monthly Installment Payment||5||$198.16||$215.52||$186.05||$202.69||$187.82||$199.72||$187.34||$199.31|
Assumptions: All repayment examples assume the student loan borrower is enrolled in an eligible program at an eligible school; the student loan borrower will successfully complete an expected 24-month in-school period followed by a 6-month grace period; a certified loan amount of $10,000 disbursed in two equal $5,000 amounts four months apart; and a 0.25% discount for making automatic payments from a bank account during periods where payment is required.
Month Installment Payment: This term represents the fully amortizing payment billed monthly to the borrower during the repayment term.
Annual Percentage Rate ("APR"): This term represents the actual cost of financing to the borrower over the life of the loan expressed as a yearly rate.
Interest Rate: A simple annual rate that is applied to an unpaid balance.
Variable Rates: For variable rate loans, the current index rate is 1.62% and may change monthly. The current index for variable rate loans is derived from the one-month London Interbank Offered Rate (“LIBOR”). Although changes in the LIBOR index may cause your monthly payment to increase it will never exceed 12% the maximum variable rate for this loan.
Automatic Payment (“AutoPay”) Discount: Following final disbursement during periods where payment is required, the AutoPay discount of 0.25% will apply if the borrower or co-signor chooses to enroll in and successfully makes scheduled payments automatically from a bank account via the Automated Clearing House (“ACH”). The automatic payment discount will be removed if you cease making automatic payments via ACH or if Laurel Road cancels your AutoPay authorization due to returned payments, delinquency, forbearance or otherwise. Discount not available during periods of deferment when no payment is required. The 0.25% AutoPay discount will not reduce the monthly payment; instead, the discount is applied to the principal to help pay the loan down faster.
Student Repayment Options: Student borrowers can select one of four available Repayment Options that determine the required payment amount, if any, while the student is enrolled. The Repayment Options include: (1) Full Repayment, (2) Interest Only, (3) Flat Payments, and (4) Full Deferral. For loans with multiple disbursements payment is required only after final disbursement when selecting flat, interest only, and immediate repayment options. You can reference our FAQs for more details on each Repayment Option.
Graduate Loan – Eligibility & Additional Details
Borrower, and Co-signer if applicable, must be a U.S. Citizen or Permanent Resident with a valid I-551 form ("permanent green card") at application. Permanent resident alien applicants will need to provide copies of the front and back of their permanent green card for approval. Conditional green cards will not be accepted. Borrower, and Co-signer if applicable must also state that they are of at least borrowing age in the state of residence at the time of application; enrolled in good standing on at least a half-time basis (as defined by the eligible institution) in an eligible program at an eligible institution, and meet Lender underwriting criteria.
There are no origination fees or prepayment penalties associated with the loan. Lender may assess a late fee if any part of a payment is not received within 15 days of the payment due date. Any late fee assessed shall not exceed 5% of the late payment or $28, whichever is less. A borrower may be charged $20 for any payment (including a check or an electronic payment) that is returned unpaid due to non-sufficient funds (NSF) or a closed account.
KEYBANK NATIONAL ASSOCIATION RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.
This information is current as of March 4, 2020. Information and rates are subject to change without notice.